EurUsd : Usd Fundamental dominance ⚗️
Updated
Hello traders.. so yes indeed we did get a very nice push down on EurUsd with CPI data. I put out Short Analyses on Sunday/Monday around Pre-London outlining the fear and market uncertainty that increasing inflation brings into the markets. The inflation reading CPI was expected to rise from 3,2% to 3.4% YoY. The reading came out as 3.5% YoY and we dropped hard on EurUsd. The price action preceding CPI data was suspicious as we had a SHooting star candle last Thursday followed by a hanging man candle on Friday.. caused by strong jobs data. The Monday daily candle this week closed bullish yes, but this candle was less than half the size of the large bullish engulfing candle last wednesday. It was also on a Monday & we still had the rest of the week's price action to observe. On Tuesday , Yesterday, we printed another shooting star candle as we pinned past the previous week's high price. See what I'm seeing here? Then we couple this withg strong USD jobs data last friday and we have many confluences for a decrease in the market. The best part is that you dont even need to hold tthrough news. You can wait until the data comes out and then trade with the momentum on the 1m timeframe.
For the new day of trading, I can observe EurUsd continuing to decrease although we are at a Daily support level 1.07422. This is a rare occasion when I completely okay selling at support lol. This is because of fundamentals and a nice pullback for liquidity early in the month for EurUsd. The first week of April was liquidity. Target for end of week on EurUsd is 1.06882
For the new day of trading, I can observe EurUsd continuing to decrease although we are at a Daily support level 1.07422. This is a rare occasion when I completely okay selling at support lol. This is because of fundamentals and a nice pullback for liquidity early in the month for EurUsd. The first week of April was liquidity. Target for end of week on EurUsd is 1.06882
Note
keye levels Trade closed: target reached
and just like that ! magic Lol Note
Fundamentals taking over as USD turns into Safe haven asset as CPI strikes fear/uncertainty into the markets. Quite the continuation of Momentum on a Friday after CPI on Wednesday!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.